Gainesville – Bank of America Cooperative Short Sale Program – The bank of America’s new Cooperative Short Sale Program is designed to increase its bottom line profit and through this, homeowners/borrowers will benefit as well, since it makes the short sale process less difficult to handle. This is good news both for Gainesville short sale agents and home sellers and buyers.
The bank makes more money with short sales than foreclosures. The Bank of America would gain control of the whole short sale undertaking once it has the authority to pick the short sale list price and through the Cooperative Short Sale, it will be able to approve the short sale earlier.
The Cooperative Short Sale would also help patch certain setbacks that the bank had faced such as:
– A bad reputation for delayed processing of short sales;
– Incorrect short sale pricing by short sale agents (Gainesville short sale agents) due to the uncertainty of how to handle short sales; and
– Buyers were giving lowball offers due to the period it takes in buying a short sale.
So, what specific benefits can homeowners get from the Bank of America’s Cooperative Short Sale program?
First and foremost, sellers will receive a moving allowance worth $2,500. The Bank of America will no longer demand for the deficiency payment and it will be the one to set the listing price of the home – reevaluation of the price happens every 2 weeks until the buyer comes. And lastly, the bank will not foreclose on your home.
This Cooperative Short Sale Program by the Bank of America will help thousands of Gainesville FL homeowners and Gainesville short sale agents.
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Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.
Please seek legal advice. This information is for informational purposes only.